Airwallex and MODIFI launch global B2B payment solution
Cross-border payments provider Airwallex has expanded its offering by partnering with global business payments trading platform MODIFI, launching a streamlined cross-border B2B payment solution.
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Under the agreement, MODIFI will leverage Airwallex’s global payment infrastructure to create Global Account Solutions, a payment tool that facilitates payment integration for exporters in China and buyers worldwide.
MODIFI says its product creates seamless payment experiences by addressing the complexity and high costs associated with international money transfers and invoice financing.
Reduce costs
MODIFI draws attention to the high, long-term payment processes usually associated with cross-border transfers, arguing that it is usually disadvantageous for SMEs struggling to find affordable and flexible global payment services, and suitable only for large organisations.
The global account solutions will be made available to buyers and sellers in multiple regions, namely North America, Europe and Asia, addressing exporters’ financing concerns while meeting the cash flow needs of e-commerce marketplace providers.
MODIFI’s solution already supports cross-border transactions carried out by Walmart, JD Worldwide, Amazon, Wayfair, Tmall International, Coupang and Temu.
Expand financial services
Wenlong Huang, general manager of MODIFI Greater China, says: “We are pleased to partner with Airwallex for MODIFI’s global account solution to further expand our payment and financing services. The innovative solution builds convenient cross-border payment and financing services for Chinese exporters and helps them speed up the working capital cycle and increase profit margins.”
COO of MODIFI, Sven Brauer, adds: “We are working with Airwallex to offer our innovative invoice financing and payment solution not only to Chinese exporters, but also to those located outside of China. Our solution eases trade bottlenecks and tackles liquidity issues, benefiting for exporters struggling with financing and collection solutions. Together with Airwallex, we are proud to achieve our common goals.”
Pranav Sood, GM, EMEA at Airwallex, also comments: “Moving money around the world can be incredibly restrictive, time-consuming and expensive. Airwallex’s global financial infrastructure combined with MODIFI’s digital merchant payment platform will simplify the way businesses can grow across borders. We are excited to work with MODIFI and further empower businesses to achieve their global ambitions.”
In April 2023, FinTech Magazine spoke to Sood about the future of the embedded finance industry, at the Innovate Finance Global Summit (IFGS) 2023.
